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AbstractU.S.-based packaging manufacturer Tekni-Plex Inc.'s financial profile has deteriorated in recent quarters due to its limited ability to pass through raw material price increases, leading to strained headroom under its financial covenants. We are affirming our ratings, including the 'B-' corporate credit rating, on Tekni-Plex and revising the outlook to negative from stable. The negative outlook reflects the potential for lower ratings if the company is not able to overcome a difficult operating environment to improve earnings, liquidity, and headroom under its financial covenants. NEW YORK (Standard & Poor's) Dec. 12, 2011--Standard & Poor's Ratings Services said today it revised its outlook on King of Prussia, Pa.-based Tekni-Plex Inc. to negative from stable and affirmed its ratings, including the 'B-'...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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